ED OIG OFFERS CLARIFICATION ON SINGLE AUDIT SUBMISSION REQUIREMENTS

Some people still don’t seem to understand the 2018 guidance for submitting Single Audit to ED. Simply stated, if you are a submitting an audit for a public or private non-profit institution, you must submit a single audit each year. This is true whether your school’s Student Financial Aid Cluster was audited as a major program or not. If you submit a single audit that includes the SFA Cluster as a major program, you must notify the ED School Participation Division in your region of any low-risk designation beginning with fiscal year 2019.

 

1098-T TUITION STATEMENT FILING DEADLINES

The 1098-T, Tuition Statement form reports tuition expenses students paid for college tuition that might entitle them to an adjustment to income or a tax credit.
The deadline to provide students with 1098-T Forms is January 31, 2020
Schools and Colleges are required file Copy A with the IRS by February 28, 2020, (or March 31, 2020, if electronically filed).

2020-2021 FAFSA PDF RELEASED

The 2020-2021 FAFSA PDF is here. The 2020-2021 FAFSA cycle began on Oct. 1 and the application is available for students and families to complete until June 30, 2021. The Free Application for Federal Student Aid (FAFSA) is the first step in the financial aid process. Students use the FAFSA to apply for federal student aid, such as grants, work-study, and loans. In addition, most states and colleges use information from the FAFSA to award nonfederal aid. FSA is pushing students to apply as early as possible, since some funds are limited, particularly funding from state aid programs which students also apply for through the FAFSA. Be sure to remind your students that some funds are limited, so it’s a good idea to apply as soon as possible

2018-2019 GAINFUL EMPLOYMENT REPORTING DEADLINE

If you were one of the institutions that chose not to implement the rescinded Gainful Employment rules early, you must still comply with the 2014 GE rules. As such, these institutions must report GE data to NSLDS by October 1, 2019. Everyone else, can relax. For more info about the 2018-2019 Gainful Employment Reporting Deadline, check out Gainful Employment Electronic Announcement 123.

NEASC-CIHE IS NOW NECHE

The New England Association of Schools and Colleges, Commission on Institutions of Higher Education (NEASC-CIHE) is now the New England Commission of Higher Education (NECHE). NECHE has taken on the functions formerly performed by the CIHE. The move follows concerns raised by officials last year that the NEASC’s Commission on Higher Education wasn’t a “separate and independent” organization as required by ED. Now NECHE will function as an independent organization, fulfilling the federal requirements.